PolyMedica Names Keith Jones As CFO; Skip Croninger To Assume Role as

    Business Editors/Healthcare Editors

    WOBURN, Ma.--(BUSINESS WIRE)--Feb. 8, 2005--PolyMedica Corporation (NNM: PLMD) today announced that it has named Keith W. Jones as Chief Financial Officer, effective February 14, 2005. Jones will assume the role from Fred "Skip" Croninger, who will take up the position of Vice President, Finance and Administration.
    Mr. Jones most recently served as CFO and Vice President of Physicians Dialysis, Inc., a company he co-founded in 2001. During his time at Physicians Dialysis, Mr. Jones helped grow the Company from its inception to become the nation's sixth largest dialysis provider. The Company was sold to DaVita Inc. in September of 2004.
    He had also previously served as Chief Accounting Officer/Corporate Controller for Renal Treatment Centers, Inc., a publicly-traded company. During his tenure, the company grew from 16 to 170 facilities, generating over $400 million in annual revenue. The company merged with Total Renal Care in 1998, in a transaction valued at approximately $1.1 billion.
    "I worked closely with Keith at Physicians Dialysis, and I'm delighted to have the opportunity to work with him again," Ryan said. "He adds additional depth and strength to our management team, and his financial expertise and healthcare experience make him perfectly suited to take on the CFO role at PolyMedica. Keith will be a tremendous asset to us on the operational and strategic fronts as we explore various opportunities for expansion, through organic growth, partnerships, and acquisitions."
    Jones said, "The services PolyMedica provides are vital to meeting the healthcare needs of our senior citizens. I look forward to playing an integral role in helping the Company grow its existing businesses, as well as expand beyond its current markets."
    Ryan added, "I am also very pleased Skip Croninger has agreed to take up the position of Vice President, Finance and Administration. He has done an excellent job with the finance team and will continue to play an important role as the company moves forward."

    Biography

    As CFO and Vice President of Physicians Dialysis, Inc, Keith Jones, 37, was responsible for a number of functions, including acquisitions and integration, accounting, third party contracting, reimbursement, and financial reporting. He raised $53.3 million in private equity funds, secured a $30 million credit facility with Bank of America and Baxter Capital, negotiated all managed care contracting agreements and negotiated the acquisition of 25 facilities. Along with Mr. Ryan, Jones negotiated the sale of Physicians Dialysis for $150 million to DaVita Inc.
    Prior to Physicians Dialysis, Jones was Chief Financial Officer for Craftopia.com, Inc., a premier online destination for crafting. He negotiated and coordinated the sale of Craftopia to Home Shopping Network in 2001. From 1993 to 1998, Jones was Chief Accounting Officer/Corporate Controller for Renal Treatment Centers, Inc. He began his career as a Senior Accountant at Coopers & Lybrand. Jones is a CPA and holds a B.A. degree from Franklin and Marshall College.

    About PolyMedica (www.polymedica.com)

    PolyMedica Corporation is a leading provider of healthcare products and services to patients suffering from chronic diseases. With over 650,000 active patients, the Company is the nation's largest provider of blood glucose testing supplies and services to people with diabetes. In addition, PolyMedica provides its patients with a full range of prescription medications through its mail-order pharmacy and a nationwide network of over 40,000 retail pharmacies that honor its drug discount card.
    PolyMedica's Liberty Healthcare division focuses on patients who suffer from diabetes and respiratory ailments. Liberty works with patients to identify their needs, and delivers products and services directly to their homes. By frequently communicating with patients and providing the convenience of home delivery, Liberty strives to improve patients' compliance with their physicians' orders and enhance the quality of their lives.

    This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. Such risks and uncertainties include, but are not limited to, the Company's continued compliance with government regulations and the terms of all settlement documentation, outcome of civil litigation related to the just-concluded government investigation, unanticipated regulatory changes, changes in Medicare reimbursement, as well as other especially relevant risks detailed in the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the period ended March 31, 2004 and its Quarterly Reports on Form 10-Q for the periods ended June 30, 2004 and September 30, 2004. The information set forth herein should be read in light of such risks. The Company assumes no obligation to update the information contained in this press release.

--30--NB/ny*

CONTACT: Investors: PolyMedica Corporation Fred ("Skip") Croninger, 781-933-2020 or Media: Citigate Sard Verbinnen Denise DesChenes / Jim Barron, 212-687-8080

KEYWORD: MASSACHUSETTS INDUSTRY KEYWORD: MEDICAL DEVICES MEDICAL MANAGEMENT CHANGES SOURCE: PolyMedica Corporation

Copyright Business Wire 2005